Upstart's reported 2026Q3 net income of $36.6M rests almost entirely on non-interest income of $383.4M, which equals roughly 103.5% of total revenue, while net interest income swung to negative $12.9M and net interest margin fell to -0.4% from 1.7% in 2025Q3.
Price trend, volume and key moving averages
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 3, 2026 | $0.33+63.8% vs $0.20 | $371M+2.2% vs $363M |
Q3 2026 Aug 4, 2026 | $0.16-10.2% vs $0.18 | $365M+2.8% vs $355M |
Q2 2026 May 5, 2026 | -$0.07-117.6% vs $0.39 | $308M+2.3% vs $301M |
Q1 2026 Feb 10, 2026 | $0.46-2.1% vs $0.47 | $296M+2.6% vs $288M |
Upstart Holdings delivered a strong Q3, with revenue up 34% YoY and fee revenue at an all-time high. The upcoming Upstart Bank should not force investors to think of Upstart like a traditional bank for valuation purposes. Upstart, however, cannot be valued like a true software company despite its contribution profit margin of ~60% either.
Elevated default risks and higher funding costs have contributed to Upstart's impacted loan originations and lowered FY2026 guidance. Even so, the fee-based revenue model (98.2% in FQ3'26) and growing third-party funding (>95% of loans) reduce their capital risks while supporting their future resilience. The launch of Upstart Bank in early 2027 is expected to offload balance sheet loans, leverage brokered deposits, and improve their capital efficiency/net interest incomes.
One day after a quarter that coupled record profits with a weaker outlook, an AI-driven consumer lender is getting a sharp relief rally. Upstart Holdings (NASDAQ:UPST) shares trade at $23.63 this afternoon, up 11%.
Upstart beats Q3 earnings estimates and achieves record fee revenues, but rising credit risks and funding costs prompt a 2026 outlook cut despite lending gains.
Benchmark UPST against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Upstart Holdings, Inc. (UPST)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $21.89 | $2.1B | 42.17 | 62.84% | 4.93% | 8.1% | — | |
| $15.96 | $1.84B | 8.91 | 14.97% | 15.88% | 13.62% | — | |
| $16.21 | $20.79B | 29.83 | 38.32% | 15.6% | 6.76% | — | |
| $68.11 | $22.69B | 11.90 | 22.48% | 44.6% | 43.38% | — | |
| $11.31 | $519.16M | 15.50 | 37.48% | 7.39% | 9.15% | — | |
| $37.01 | $516.4M | 5.24 | 22.72% | 7.82% | 34.02% | — |
Upstart Holdings, Inc. (UPST) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Upstart Holdings, Inc. (UPST) SEC filings — annual & quarterly reports (10-K, 10-Q)
Nov 3, 2026·SEC
Oct 20, 2026·SEC
Aug 4, 2026·SEC
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Upstart Holdings, Inc. (UPST) stock FAQ — growth, dividends, profitability & financials explained
Upstart Holdings, Inc. (UPST) grew revenue by 37.6% over the trailing twelve months, compared with the twelve months before.
Yes. Upstart Holdings, Inc. (UPST) earned $65.1M in net income over the trailing twelve months (a 4.9% net margin).
Upstart Holdings, Inc. (UPST) had a return on equity (ROE) of 8.1% over the trailing twelve months. That is below the market's typical 10-15%.
Upstart Holdings, Inc. (UPST) has a net interest margin (NIM) of 5.1%. This indicates healthy earnings from lending activities.
Upstart Holdings, Inc. (UPST) has an efficiency ratio of 94.7%. This is higher than peers, suggesting room for cost optimization.
